Online payment safety tips for small businesses

Find out more about staying safe when making online payments for your small business.

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Online payment safety tips for small businesses in South Africa

Everyone these days is aware of crime, especially when it comes to money matters. Crime is a real risk, so we need to be protected when paying online. Credit card crime often happens without the criminals having the credit card, instead, they have the credit card information.

What do small business owners think? We spoke with Jonathan, a small business owner about his first-hand experiences with online payments and fraud.

Read what Jonathan had to say about online fraud

Have you ever experienced online fraud?

“Yes, but not with my business. One day, I got a payment notification that said I’d made an online purchase on a popular online shop, which wasn't me. So, I contacted my bank, and they reimbursed me. I was lucky, but I’ve heard stories of people and businesses that weren’t so lucky.

“I have heard of someone’s small business defrauding thousands of rands through an email scam. They got contacted via an email address that belonged to a regular supplier of theirs, which requested that they change their payment details. The small business owner made an online payment to the relevant supplier via the new payment details, paid to hackers and not the legitimate supplier. Hackers had captured and used the supplier’s legitimate email address. Unfortunately, the stolen money was not recovered.”

Do you have any tips to prevent online fraud?

“Keep a close eye on your SMS notifications and bank statements. Also, remember that your bank will never ask you for your OPT (One Time Password) or PIN. Please always double-check everything when it comes to making online payments. For example, if you have a concern, call the company to confirm if the email or SMS you received is legitimate.”

Do you want to know more? Read on to get more tips and insights.

Learn more about online business payment safety

Why the huge increase in online payments in South Africa in recent years? This is due to cell phone payments, astounding growth in e-commerce, and increased money movements worldwide.

So, how can we protect our online transactions? The best way is to follow the below advice to protect yourself whenever you use a desktop computer or cell phone.

Install an advanced anti-malware program

Some malware programs head for weak spots in the operating system and web browsers to steal your financial data on devices like desktop computers. Running a System Mechanic security optimiser will be able to detect and fix such weaknesses.

Use only secured connections on the internet

Only use a secured connection when the URL begins with “https://” and avoid URLs beginning with “http://”. Check this out with bank websites. Sometimes you’ll see a padlock or lock icon at the start of a URL, indicating that it’s using “https://” and is therefore secure.

Only access trusted websites

Do you need to buy supplies for your business? Are you looking to get better deals from new suppliers? Never make an online payment to any just website. Make sure that you know and trust the website before sharing your personal and card details. A trustworthy website has a payment gateway trusted by card companies like Visa and Mastercard. It should have advanced security features that block any financial information from going to any online criminal. 

Most major companies that have e-commerce features will protect you. For example, websites that use the Yoco Gateway to process customer payments are protected with world-class security features.

Is it okay to use my credit card for online shopping?

Just be careful – don’t use a debit card but a credit card when doing online shopping. Your business credit card is linked to your business bank account, making things most risky.

Credit cards have a spending limit, so they can't be misused. It’s also easy to contest any fraudulent transactions made with a credit card, but not so with debit cards. It’s much more difficult to recover funds stolen from a debit card. Actually, credit cards have been specifically created for online payments.

Avoid making payments at an internet cafe

Never make an online payment using a public computer, but always use your computer or cell phone. Criminals can fiddle with the hardware or software of public computers. 

Choose complex and difficult passwords

Don’t make a password easy so that it can be guessed, like your cell phone number. Many people can get hold of it and may try it. Instead, use special and alphanumeric characters, ensuring that the password length exceeds six digits. 

What if someone misused your credit card?

Immediately contact your bank. Remember always to make credit card transactions with reputable vendors.

As a small business, receive payments the Yoco way

First, as a small business entrepreneur working with Yoco, you should know that Yoco takes security very seriously

  • The Yoco website and store are secure, showing the “https://” URL and the little padlock together with other safety features. Also, all of your information is secure, and your purchases are safe on the Yoco website.

  • Do you use the Yoco app? Our app is safe to use and convenient too. Receive online payments using the Yoco app that lets you view all your transactions in one go and a lot more. Also, the app is secure with built-in safety features like that you need a PIN to access it.

  • Do your customers need to make secure transactions in your shop? Then, they can safely pay with their credit card using any of our card machines that securely go online.

  • Maybe customers want to pay via a link that you send them? Your customers can also securely pay online using a Yoco payment link, which allows you to receive credit card payments without having a website.

  • Do you have an online store? A payment gateway like Yoco Gateway provides safe online transactions for your customers.

Make sure your business transactions are safe. It's easy with Yoco. Don't let crime get you down. You can your business a success. Take your business to new heights with safety in mind. Get in touch with us today.

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